Adobe have just released version 2.5 of the Flash Media Encoder, a free live video encoder which connects to Flash Media Server 3 or a compatible CDN to broadcast live Flash video streams in high quality.
Apart from H.264 support the software also supports the commercial AAC Audio Encoder Plug-in by MainConcept, rounding off the capability to deliver high quality live webcasts in Flash.

More details are available on the product page. I'm hoping to set up a sample stream sometime soon - I just need to wrap up half a dozen or so projects first ;-)